State of Illinois

Investors and ratings analysts look beyond the bevy of local hospitality taxes backing MetPier's debt to the state sales tax that acts as the paper's ultimate security.

The state in 2010 sold $1.5 billion of bonds backed by payments from a master settlement agreement with tobacco firms and used the proceeds to pay overdue bills.

"In the coming weeks, we will be taking a much closer look at the challenges we face and how we will address those challenges reasonably and responsibly," said Mayor Brandon Johnson.

The governor said a bill authorizing non-home rule local governments to enter into public-private partnerships created the potential for corruption.

The Illinois Attorney General maintains it is unclear whether the state was even defrauded by the Wall Street banks that are accused of rate-rigging by a whistleblower.

Under Reynolds' leadership, Loop has grown into a full-service investment firm with more than 260 employees that's one of the world's largest minority or women-owned investment banking firms.

The Senate proclamation says Shields left behind "an indelible mark on the public finance industry."

Her prolific coverage and willingness to share knowledge with local reporters brought transparency and accountability to Midwest public finance.

The group of banks would pay $68 million to settle the lawsuit, which originally estimated damages at $340 million.

The plaintiff that brought the case on behalf of the state says the banks inflated interest rates through a private, invitation-only VRDO index that influenced SIFMA's weekly index.